KPK government has started issuing interest-free loans of up to 10 lakhs under the Insaf Rozgar Scheme. The scheme, with a budgetary allocation of Rs700 million from the provincial exchequer, has been strategically structured to administer financial assistance through the Bank of Khyber (BOK), ensuring its accessibility to a diverse array of deserving individuals and enterprises.
Business Loan Scheme | Insaf Rozgar Scheme
Who Is Eligible For This Scheme?
The desired applicants must meet the following eligibility criteria to avoid any inconvenience i.e. rejection of applications.
- Residency: Applicants must be permanent residents of the Newly Merged Districts of Khyber Pakhtunkhwa (KKPK).
- Valid CNIC: A valid Computerized National Identity Card (CNIC) is mandatory for all applicants.
- Residency Duration: Prospective beneficiaries should have been residing at their provided address for a minimum of two years.
- Age Limit: Eligibility is extended to individuals within the age range of 18 to 50 years.
- Business Viability: Applicants are required to present a feasible business idea that demonstrates the potential for growth and sustainability.
- Practical Skills: Preference will be given to candidates with practical skills relevant to their proposed businesses, enhancing their chances of approval.
- Female Entrepreneurs: The scheme actively encourages female entrepreneurs, including widows, to participate and access financial support.
- Unemployed Individuals: Unemployed individuals, especially those engaged in labor-intensive work, are eligible to benefit from this initiative.
- Small Traders: Small-scale traders looking to expand or diversify their businesses can also apply for the scheme.
What Are Requirements To Get A Business Loan Under the Insaf Rozgar Scheme?
Requirements for Obtaining a Business Loan Under the Insaf Rozgar Scheme:
- Duly Filled Application: Applicants are required to submit a thoroughly completed application form.
- Two Personal Guarantees: Each applicant must present two personal guarantees, with at least one guarantor being a government employee holding a position of BPS 07 or above.
- Necessary Documentation: To support their application, individuals should provide essential documents, including:
- Valid CNIC (Computerized National Identity Card).
- Two recent passport-size photographs.
- A viable and well-documented business plan outlining the nature and potential of their proposed venture.
How To Apply For The Insaf Rozgar Scheme?
Application Process for the Insaf Rozgar Scheme:
- Visit the Nearest Bank of Khyber (BOK) Branch: To initiate the application process, interested individuals should visit their nearest Bank of Khyber (BOK) branch.
- Obtain Application Forms: From the branch, request and collect the necessary application form as well as the guarantee form.
- Complete the Forms: Carefully fill out both the application form and the guarantee form. Ensure that all required details are accurately provided.
- Attach Required Documents: Along with the completed forms, attach the necessary documents, including your valid CNIC, two recent passport-size photographs, and a well-prepared business plan.
- Submit Your Application: Once all forms and documents are in order, submit your application to the branch. After submission, applicants should patiently await the approval process.
FAQs | Insaf Rozgar Scheme?
What is the maximum loan amount available under the Insaf Rozgar Scheme?
The Insaf Rozgar Scheme offers interest-free loans of up to 10 lakhs (1 million) PKR.
How much does the scheme cost the provincial exchequer?
The scheme has a budget allocation of Rs700 million from the provincial exchequer.
Who administers the Insaf Rozgar Scheme?
The scheme is executed by the Bank of Khyber (BOK), which facilitates the distribution of these interest-free loans.
Who is eligible to apply for the Insaf Rozgar Scheme?
Eligible applicants include permanent residents of the Newly Merged Districts of KPK, individuals aged between 18 to 50, those with a viable business idea, candidates with practical skills, female entrepreneurs (including widows), unemployed individuals, and small traders.
What are the requirements to obtain a business loan under the scheme?
To secure a business loan, applicants need to submit a duly filled application, provide two personal guarantees (with at least one guarantor being a government employee of BPS 07 or above), and furnish necessary documents such as a valid CNIC, two passport-size photographs, and a well-documented business plan.
How can I apply for the Insaf Rozgar Scheme?
To apply for the scheme, follow these steps:
Visit the nearest branch of the Bank of Khyber (BOK).
Obtain the required application and guarantee forms from the branch.
Complete both forms, attach the necessary documents, and submit your application. Then, wait for approval.
